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TD Bank Personal Loans: 2024 Review

Updated on Jan. 1, 2024
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At a glance

4.7
Rating: 4.7 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.7 stars out of 5
4.7
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 4.2 stars out of 5
4.2

About Bankrate Score

One of the 10 largest banks in America, TD Bank maintains about 1,100 locations throughout the East Coast. In addition to offering unsecured personal loans, TD Bank financial products include checking and savings accounts, credit cards, home equity lines and loans and mortgages.

Moneybag
Loan amount $2,000 – $50,000
Rates
APR from 8.99% – 23.99%
Clock Wait
Term lengths 36 to 60 months
TD Bank is best for predictable monthly payments.

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Best for predictable monthly payments 

TD Bank Fit Loans come with a fixed interest rate, which is helpful if you’re seeking predictable monthly payments. With loan funds available in as little as one business day, TD Bank can be an appealing option if you need cash quickly.

TD Bank pros and cons

PROS

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    Brick-and-mortar option

  • Checkmark

    Same-day approval

  • Checkmark

    Low APRs

CONS

  • Close X

    Undisclosed eligibility requirements

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    Limited availability

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    Average maximum amount

Do you qualify?

TD Bank doesn't disclose many of its eligibility criteria on its website. However, most lenders and banks generally favor borrowers with a low debt-to-income (DTI) ratio, high credit score and steady income. 

What TD Bank doesn't allow loan funds to be used for

TD Bank doesn't allow its personal loans to be used for business or education-related expenses.

How this lender compares

logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99% – 23.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.49%-35.99%
Loan Amount
$1,000-$50,000
Term Length
24-84 months
Min Credit Score
600
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99%-35.99%
Loan Amount
$2,000-$50,000
Term Length
24 to 60 months
Min Credit Score
560

TD Bank vs. Upgrade

Upgrade has similar credit requirements and the same maximum loan amount of $50,000. However, Upgrade charges an origination fee between 1.85 percent to 9.99 percent, which can significantly detract from the value of your loan. TD Bank doesn't charge origination fees, which can make the bank a more affordable option when compared to Upgrade. 

Read a full comparison of TD Bank vs. Upgrade

TD Bank vs. Prosper

Both personal loan companies offer similar products, but Prosper has a lower APR minimum of 6.99 percent. Borrowers in good financial standing with a fair credit score may want to consider Prosper before turning to TD Bank to save money on potentially high rates. 

Read a full comparison of TD Bank vs. Prosper

TD Bank: In the details

What we like and what we don’t like 

Here's what we like about TD Bank and what the financial institution is lacking. 

What we like 

  • Same day approval: Known for offering fast, same-day approvals on its TD Fit Loan, this bank is a good choice for those seeking an expedited process to access a personal loan.
  • Brick-and-mortar option: For those who prefer an in-person banking experience, TD Bank has 1,100 stores and 2,600 ATMs across the country.
  • Low APRs: TD Bank's rates are competitive for its most creditworthy applicants. 

What we don’t like

  • Undisclosed eligibility requirements: The bank doesn't disclose its eligibility criteria on its website so borrowers don't know if they qualify until after they apply.
  • Limited availability: TD Bank's personal loans aren't available in every U.S. state, unlike other online lenders and banks.
  • Average maximum amount: It has a maximum borrowing amount of $50,000, which is average compared to other lenders, some of which offer maximum amounts of up to $100,000.

How to contact TD Bank

You can call TD Bank 24/7 for live customer support at 877-300-4080, visit a physical bank, ask the bank's virtual assistant chatbot or reach out via its social media accounts with any general questions.

How to apply for a personal loan with TD Bank

You can apply for an unsecured loan on the bank’s website. TD Bank claims that consumers can get initial approval in as little as a minute and have their funds as soon as the next business day.

Features and additional perks

TD Bank can make managing your finances easier with its mobile app. Available to both Apple and Android users, it functions essentially as a mobile bank for your TD Bank products. Plus, the app offers personalized account alerts that you can customize to help you remember your payment dates. 

Fees and penalties

TD Bank keeps fees for its loans to a minimum. It doesn’t charge an origination fee, application fee, monthly fee, annual fee or prepayment fee. However, loans come with a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less. In addition, Florida residents will pay a document stamp fee.

TD Bank frequently asked questions

How Bankrate rates TD Bank

Overall Score 4.7 Explanation
Availability 5.0 Quick, same-day approval and funding in as little as one business day.
Affordability 4.7 Very few fees charged overall and low 8.99 percent APR.
Customer Experience 5.0 24/7 customer support, highly rated mobile apps and online access and application.
Transparency 4.2 Not all credit requirements are listed, but it does offer prequalification.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories.

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.